Process automation is vital to banking’s future; 90% of the 302 industry leaders in our study appear convinced that process automation is either important or critical to their business. Yet many are struggling to move beyond early proofs of concept. Why is that?
Financial institutions (FIs) already have a number of proven automation adoption strategies at their disposal, from increasing cross-functional collaboration and execution, to achieving “quick wins” via automation of small (but painful) tasks. But why is adoption of automation so slow for a capability deemed so critical?
Our findings reveal five major factors behind the slowness:
The good news is that all of these challenges are solvable. What’s critical to moving forward, is an understanding that automation is not a silver bullet. Instead, FIs must view automation as a vital component of an overall digital business strategy that over time will include cognitive computing, human-centric design, the Internet of Things (IoT) and blockchain in the mix. Download the report below to find out more.